The Two Easiest Ways To Pay Down Your Debt

By The Financial Diet Tuesday, February 27, 2018

If you’re like most of us, you’re living with at least a little bit of debt. And if you’re like literally everyone living with even a little bit of debt, you’re probably dying to have it paid off. Paying off debt is a great goal to have, but it can feel like a hopeless and overwhelming one. You can try to free up a chunk of extra money in your budget to reallocate towards your debt payments each month, and still not feel like you’re paying them off as fast as you’d like to. You can make only the minimum payment on all of your debts each month and still find yourself struggling to make ends meet. You can pay literally every extra cent you have towards your debt, and only see your balance going up due to high interest rates. You can keep chipping away month after month, year after year, and hardly feel like you’re seeing any results at all. It is frustrating. No, it is worse than frustrating: it sucks.

There are a lot of different ways people approach their debts and decide how (and on what timeline) they’re going to pay them off. And at the end of the day, the best debt repayment plan is the one you’ll truly stick to — whatever that may be. But this week over on the TFD YouTube channel’s weekly video collab with Broke Millennial, Erin went ahead and gave us the lowdown on two of the most popular (and easiest) methods of paying down debt.

So, if you’re drowning in debt and not sure where to start in finding the repayment plan that works best for your goals and lifestyle, head to the channel and find out what Erin has to say about the snowball method and avalanche method of paying off debt in this week’s installment of the 3-Minute Guide, brought to you by Skillshare.